UK Law Commission: No Separate Legal Oversight Needed for DAOs, Calls for Integration into Existing Frameworks

The Law Commission of the United Kingdom has concluded that decentralized autonomous organizations (DAOs) do not require separate legal oversight and can be integrated within existing financial regulations and tax frameworks. This decision was detailed in a scoping paper that highlighted the lack of a unified definition for DAOs. The commission, which focuses on law reforms, noted the impracticality of a blanket law for DAOs due to their diverse nature and tendency to adapt to local judicial requirements. DAOs encompass a wide range, from pure DAOs to hybrid arrangements and digital legal entities, complicating efforts to characterize them for legal

Source: CryptoIntelligence